EchoStar (ECHO) 10-K Summaries & Annual Filing History
Review EchoStar Corporation (ECHO) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
EchoStar Corporation's annual report describes its business as a holding company and its financial results for the most recent fiscal year. The company resolved a regulatory review by the Federal Communications Commission during the year, while reporting a significant operating loss and negative cash flow from operations.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$15B
Revenue reported for the fiscal year.
Operating income
-$17.7B
Income from operations reported for the year.
Net income
-$14.5B
Net income reported for the year.
Operating cash flow
-$99.4M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 30, 2023 | $4.1B | -5.7% |
| Dec 31, 2023 | $17B | +314.1% |
| Dec 31, 2024 | $15.8B | -7.0% |
| Dec 31, 2025 | $15B | -5.2% |
Business overview
EchoStar is a Nevada holding company whose Class A common stock trades on the NASDAQ under the symbol SATS. The company provides satellite and communications services, and during the year it resolved an FCC review concerning its compliance with spectrum license build-out milestones and 5G broadband service obligations. This regulatory matter led the company to reevaluate its resource deployment and to forgo certain interest payments.
Financial performance
Revenue declined compared to previous periods, and the company reported a substantial operating loss along with a net loss for the year. Operating cash flow was negative, reflecting cash outflows from core operations.
Material risks
A material risk highlighted in the filing is the FCC review of the company's spectrum license compliance, which could have required significant adjustments to business plans and resource allocation. Additionally, the company's decision to not make interest payments indicates potential liquidity pressures.
Liquidity and capital
The discussion of liquidity and capital resources centers on subscriber acquisition and retention costs, which are significant for the company's pay-TV operations.
What to watch
Monitor the company's progress in deploying 5G services and managing its spectrum license obligations, as well as its ability to generate positive operating cash flow.